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In order to analyse the differing approaches, concerning formalities and incompletely constituted trusts within the modern tradition of equity, it is important to understand the history and development of Equity.
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In order to analyse the differing approaches, concerning formalities and incompletely constituted trusts within the modern tradition of equity, it is important to understand the history and development of Equity. Equity is the body of law developed by the Court of Chancery in England before 1873. Its justification was that it corrected, supplemented and amended the common law. It softened and changed many injustices inherent in common law and provided remedies where at law they were either inadequate or non-existent. Equity looks to substance rather than form, thus enabling it to give effect to the true intentions of parties to a transaction where the strict legal position does not reflect those intentions. Equity does not operate on its own. There never is equity without law. Wherever the Common Law grants rights and duties to the civilian population at large, equity regulates the conscientious use of those legal powers and the...
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